It was a sudden share raid that at the time made no sense in Australian media circles. ASX-listed media company ARN Media, with Jefferies at its side, quickly bought up 14.8 per cent of its arch rival, Southern Cross Austereo, in June this year.

ARN overpaid, forking out $38 million or $1.08 a share – a 42 per cent premium – for shares that have since tumbled even lower. Lacking clear answers, the market speculated and competitors briefed against the move.